If all other things seem to be order in your life, procrastination might be keeping you from achieving your financial goals. For some, it’s so easy to put off that first, second, or third step toward a more secure future because it’s habit to back burner actions or decisions that aren’t immediately critical.
While there are legitimate emotional and psychological reasons behind the habit of procrastination, it may have deleterious effects on your wallet when:
Although it isn’t easy to replace old habits with new ones, but the ramifications of financial procrastination could lower your quality of life. If you feel blocked by the forces of inertia, consider these tips to stop procrastinating and make it easier to take control of your financial future:
It’s easier to focus your energy when you’re involved in activities that interest you. Investment opportunities run the gamut from the abstractions involved in money market investments to the real with property ownership.
Break out what you need to do to initiate the process into its smallest parts. You may find it helpful to use a whiteboard to outline the major steps, and as you think through the project, list the detail the job involves under the appropriate section. Don’t worry about getting it done all at once. Give yourself permission to let your thinking percolate and make changes or additions as you go through the exploration process.
You will probably need to rely on others with a few specialized skills to help you get from the desire to get started to the commitment and follow-through. If property ownership interests you, consider joining a networking group locally or online. Biggerpockets.com has a diverse, active network of real estate investors from whom you can learn and share your experiences. Talking with property management companies will also give you insight into the scope of services they provide for their clients.
The hallmark of procrastination is the ability to put off making decisions or taking actions. However, if you look at your investment activities as if they were as essential as eating and sleeping are, you might find it easier to move forward with wealth building and management.
Talk to one of our investment specialists to learn how JWB can help you earn passive income through long term real estate investing.